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Morningstar (MORN) Financials

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$246.26 +0.18 (+0.07%)
Closing price 11/13/2026 04:00 PM Eastern
Extended Trading
$246.04 -0.22 (-0.09%)
As of 11/13/2026 07:30 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Morningstar

Annual Income Statements for Morningstar

This table shows Morningstar's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 133 161 137 183 152 224 193 71 141 370 374
Consolidated Net Income / (Loss)		 133 161 137 183 152 224 193 71 141 370 374
Net Income / (Loss) Continuing Operations		 133 161 137 183 152 224 193 71 141 370 374
Total Pre-Tax Income 		194 225 181 233 199 283 251 131 182 491 499
Total Operating Income		 191 181 170 216 190 215 257 168 231 485 527
Total Gross Profit		 459 454 525 609 696 833 1,001 1,091 1,195 1,379 1,493
Total Revenue		 789 799 912 1,020 1,179 1,390 1,699 1,871 2,039 2,275 2,446
Operating Revenue		 789 799 912 1,020 1,179 1,390 1,699 1,871 2,039 2,275 2,446
Total Cost of Revenue		 330 344 387 411 483 556 698 779 844 896 953
Operating Cost of Revenue		 330 344 387 411 483 556 698 779 844 896 953
Total Operating Expenses		 268 274 355 393 506 618 744 924 965 895 966
Selling, General & Admin Expense		 107 105 130 148 211 272 318 400 356 327 334
Marketing Expense		 97 98 134 149 178 206 275 357 424 441 467
Depreciation Expense		 64 71 91 97 118 140 151 167 185 190 190
Other Operating Expenses / (Income)		 - - - - - - - - 0.00 0.00 -2.20
Other Special Charges / (Income)		 - - - - - - - 0.00 0.00 -64 -23
Total Other Income / (Expense), net		 3.10 44 11 17 7.70 66 -6.50 -37 -49 6.50 -28
Interest & Investment Income		 1.30 0.30 -3.60 3.80 11 21 -7.80 -28 -52 -38 -29
Other Income / (Expense), net		 1.80 44 15 13 -3.10 45 1.30 -8.80 2.60 44 1.00
Income Tax Expense		 63 64 43 48 46 60 63 57 33 104 122
Other Gains / (Losses), net		 1.80 -0.20 -1.30 -2.10 -0.90 0.30 5.40 -3.60 -7.40 -17 -3.30
Basic Earnings per Share		 $3.00 $3.74 $3.21 $4.30 $3.56 $5.22 $4.50 $1.65 $3.31 $8.64 $8.93
Weighted Average Basic Shares Outstanding		 44.20M 43M 42.70M 42.60M 42.70M 42.90M 43M 42.60M 42.60M 42.80M 41.90M
Diluted Earnings per Share		 $3.00 $3.72 $3.18 $4.25 $3.52 $5.18 $4.45 $1.64 $3.29 $8.58 $8.87
Weighted Average Diluted Shares Outstanding		 44.30M 43.30M 43M 43M 43.20M 43.20M 43.40M 42.90M 42.90M 43.10M 42.20M
Weighted Average Basic & Diluted Shares Outstanding		 44.20M 43M 42.60M 42.60M 42.85M 42.90M 42.96M 42.48M 42.73M 42.84M 39.58M
Cash Dividends to Common per Share		 $1.55 $1.77 $1.86 $2.03 $2.26 $2.42 $2.57 $2.90 $3.03 $3.29 $3.69

Quarterly Income Statements for Morningstar

This table shows Morningstar's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 64 69 120 117 79 89 92 115 107 108 116
Consolidated Net Income / (Loss)		 64 69 120 117 79 89 92 115 107 108 116
Net Income / (Loss) Continuing Operations		 64 69 120 117 79 89 92 115 107 109 116
Total Pre-Tax Income 		87 90 152 163 109 117 123 151 142 147 152
Total Operating Income		 93 109 116 168 114 125 128 160 156 161 167
Total Gross Profit		 325 349 347 359 351 375 376 392 406 424 431
Total Revenue		 543 572 569 591 582 605 617 641 645 663 672
Operating Revenue		 543 572 569 591 582 605 617 641 645 663 672
Total Cost of Revenue		 218 223 223 232 231 231 242 249 239 239 241
Operating Cost of Revenue		 218 223 223 232 231 231 242 249 239 239 241
Total Operating Expenses		 232 241 231 191 236 249 248 232 250 263 264
Selling, General & Admin Expense		 80 80 78 89 77 82 86 90 84 99 93
Marketing Expense		 105 111 108 117 113 120 116 119 115 118 118
Depreciation Expense		 47 49 46 48 47 49 47 47 52 54 53
Other Operating Expenses / (Income)		 - 0.00 0.00 - 0.00 -0.80 -0.50 - -0.90 -6.80 0.00
Total Other Income / (Expense), net		 -5.60 -19 36 -9.10 -5.60 -8.60 -4.70 -8.70 -14 -14 -15
Interest & Investment Income		 -12 -10 -8.90 -7.00 -5.40 -7.40 -7.00 -8.70 -14 -18 -18
Other Income / (Expense), net		 5.90 -8.70 45 -2.10 -0.20 -1.20 2.30 0.10 -0.40 3.50 2.60
Income Tax Expense		 21 19 30 34 27 26 31 36 35 38 38
Other Gains / (Losses), net		 -1.50 -1.20 -2.60 -12 -2.60 -1.20 -0.10 - - - 1.50
Basic Earnings per Share		 $1.50 $1.61 $2.79 $2.74 $1.83 $2.11 $2.18 $2.81 $2.74 $2.85 $3.09
Weighted Average Basic Shares Outstanding		 42.70M 42.80M 42.90M 42.80M 42.80M 42.20M 42.10M 41.90M 39.10M 37.80M 37.40M
Diluted Earnings per Share		 $1.49 $1.60 $2.77 $2.72 $1.82 $2.09 $2.17 $2.79 $2.73 $2.83 $3.06
Weighted Average Diluted Shares Outstanding		 43M 43.10M 43.20M 43.10M 43.10M 42.50M 42.30M 42.20M 39.30M 38.10M 37.80M
Weighted Average Basic & Diluted Shares Outstanding		 42.75M 42.84M 42.88M 42.84M 42.25M 42.18M 41.13M 39.58M 38.03M 37.51M 37.10M
Cash Dividends to Common per Share		 $0.82 $0.82 $0.82 $0.83 $0.92 $0.92 $0.92 $0.93 $1.00 $1.00 $1.00

Annual Cash Flow Statements for Morningstar

This table details how cash moves in and out of Morningstar's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 22 52 49 61 -35 88 61 -107 -39 165 -28
Net Cash From Operating Activities		 242 214 250 315 334 384 450 298 316 592 590
Net Cash From Continuing Operating Activities		 242 214 250 315 334 384 450 298 316 592 590
Net Income / (Loss) Continuing Operations		 133 161 137 183 152 224 193 71 141 370 374
Consolidated Net Income / (Loss)		 133 161 137 183 152 224 193 71 141 370 374
Depreciation Expense		 64 71 91 97 118 140 151 167 185 190 190
Non-Cash Adjustments To Reconcile Net Income		 15 -28 13 18 29 -11 54 110 -5.30 -27 39
Changes in Operating Assets and Liabilities, net		 29 9.90 9.20 17 36 32 52 -49 -4.30 58 -13
Net Cash From Investing Activities		 -80 -274 -61 -50 -746 -124 -168 -799 -82 -21 -139
Net Cash From Continuing Investing Activities		 -80 -274 -61 -50 -746 -124 -168 -799 -82 -21 -139
Purchase of Property, Plant & Equipment		 -57 -63 -67 -76 -80 -77 -102 -130 -119 -143 -147
Acquisitions		 -11 -192 -1.00 -0.40 -682 -68 -25 -647 -0.80 0.00 -39
Purchase of Investments		 -41 -49 -60 -43 -38 -63 -101 -66 -19 -23 -26
Sale of Property, Plant & Equipment		 - - - - - - - 0.00 0.00 65 23
Divestitures		 0.00 0.00 24 18 18 35 1.10 0.00 26 52 0.00
Sale and/or Maturity of Investments		 30 29 42 51 36 47 59 43 31 27 46
Other Investing Activities, net		 -0.20 0.10 0.60 0.10 -0.10 1.70 -0.10 -0.20 0.10 0.20 4.90
Net Cash From Financing Activities		 -128 124 -158 -189 374 -182 -212 415 -278 -384 -515
Net Cash From Continuing Financing Activities		 -128 124 -158 -189 374 -182 -212 415 -278 -384 -515
Repayment of Debt		 -45 -15 -71 -112 -169 -476 -103 -376 -397 -364 -803
Repurchase of Common Equity		 -97 -49 -42 -21 -4.90 -42 -1.30 -226 -1.40 -12 -787
Payment of Dividends		 -34 -38 -39 -43 -48 -51 -54 -62 -64 -69 -77
Issuance of Debt		 50 230 0.00 0.00 610 60 10 1,125 260 90 1,175
Issuance of Common Equity		 3.90 0.40 0.20 0.10 0.20 352 0.00 0.00 0.00 0.00 0.00
Other Financing Activities, net		 -5.60 -5.00 -4.80 -13 -15 -25 -63 -46 -76 -29 -23
Effect of Exchange Rate Changes		 -13 -11 17 -15 3.00 10 -9.10 -21 - -21 36
Cash Interest Paid		 0.40 1.20 5.40 3.70 11 11 10 28 58 47 37
Cash Income Taxes Paid		 50 58 47 67 63 58 81 75 73 116 172

Quarterly Cash Flow Statements for Morningstar

This table details how cash moves in and out of Morningstar's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Change in Cash & Equivalents		 16 38 162 -50 8.80 -8.00 -29 0.30 18 -3.30 7.20
Net Cash From Operating Activities		 94 153 192 153 91 99 196 204 92 156 191
Net Cash From Continuing Operating Activities		 94 153 192 153 91 99 196 204 92 156 191
Net Income / (Loss) Continuing Operations		 64 69 120 117 79 89 92 115 107 108 116
Consolidated Net Income / (Loss)		 64 69 120 117 79 89 92 115 107 108 116
Depreciation Expense		 47 49 46 48 47 49 47 47 52 54 53
Non-Cash Adjustments To Reconcile Net Income		 3.30 31 -26 -35 13 19 17 -10 13 18 9.10
Changes in Operating Assets and Liabilities, net		 -21 3.50 53 23 -48 -58 40 52 -80 -23 13
Net Cash From Investing Activities		 -27 -33 14 24 -71 -24 -33 -12 -384 -26 -21
Net Cash From Continuing Investing Activities		 -27 -33 14 24 -71 -24 -33 -12 -384 -26 -21
Purchase of Property, Plant & Equipment		 -34 -32 -36 -41 -32 -37 -36 -43 -38 -33 -35
Purchase of Investments		 -10 -3.20 -6.10 -4.00 -4.50 -13 -4.10 -4.50 -11 -3.60 -3.50
Sale and/or Maturity of Investments		 17 2.30 3.90 3.50 4.50 22 6.50 13 24 10 13
Other Investing Activities, net		 0.00 - 0.20 - 0.00 4.90 0.20 -0.20 0.00 0.40 4.80
Net Cash From Financing Activities		 -44 -82 -60 -199 -24 -109 -188 -194 317 -131 -163
Net Cash From Continuing Financing Activities		 -44 -82 -60 -199 -24 -109 -188 -194 317 -131 -163
Repayment of Debt		 -113 -50 -35 -167 -40 -85 -95 -583 -32 -92 -65
Repurchase of Common Equity		 0.00 - - -12 -110 -112 -170 -395 -300 -100 -100
Payment of Dividends		 -17 -17 -17 -17 -20 -19 -19 -19 -20 -19 -19
Issuance of Debt		 90 - - - 145 120 105 805 670 85 30
Other Financing Activities, net		 -3.20 -14 -7.90 -3.70 0.00 -12 -9.00 -1.80 -0.80 -4.20 -9.70
Effect of Exchange Rate Changes		 -7.60 -0.80 16 -29 13 25 -3.90 2.00 -5.70 -2.40 0.50
Cash Interest Paid		 12 14 12 11 6.40 11 7.20 13 12 17 24
Cash Income Taxes Paid		 13 32 22 50 14 80 40 38 27 67 32

Annual Balance Sheets for Morningstar

This table presents Morningstar's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,029 1,351 1,406 1,454 2,371 2,696 2,863 3,475 3,403 3,549 3,590
Total Current Assets		 410 472 530 602 603 730 888 811 816 1,014 1,038
Cash & Equivalents		 207 259 308 369 334 423 484 377 338 503 475
Short-Term Investments		 42 45 45 27 33 42 62 38 51 48 54
Accounts Receivable		 139 146 148 172 189 205 269 308 344 358 390
Prepaid Expenses		 - - - - - 32 31 37 35 42 43
Current Deferred & Refundable Income Taxes		 - - 0.00 1.80 6.30 2.20 8.90 0.00 0.60 12 16
Other Current Assets		 22 22 28 32 41 27 33 52 47 51 60
Plant, Property, & Equipment, net		 135 152 147 144 155 155 172 199 208 219 232
Total Noncurrent Assets		 485 727 729 709 1,613 1,811 1,803 2,465 2,380 2,316 2,320
Long-Term Investments		 36 40 62 63 60 33 63 96 100 85 50
Goodwill		 364 557 565 557 1,039 1,205 1,207 1,572 1,579 1,562 1,611
Intangible Assets		 74 121 95 74 333 380 328 549 484 409 379
Noncurrent Deferred & Refundable Income Taxes		 - - - 0.00 11 13 13 11 15 43 79
Other Noncurrent Operating Assets		 11 8.80 6.20 15 170 181 192 238 202 217 201
Total Liabilities & Shareholders' Equity		 1,029 1,351 1,406 1,454 2,371 2,696 2,863 3,475 3,403 3,549 3,590
Total Liabilities		 388 654 601 519 1,287 1,425 1,447 2,268 2,076 1,930 2,368
Total Current Liabilities		 304 295 323 363 496 627 784 883 881 967 1,053
Short-Term Debt		 35 - - 0.00 11 0.00 0.00 32 32 0.00 0.00
Accounts Payable		 39 45 49 54 59 65 77 76 78 87 98
Current Deferred Revenue		 141 165 171 196 250 307 377 456 518 541 586
Current Deferred & Payable Income Tax Liabilities		 - - - - - - - - 0.00 31 24
Current Employee Benefit Liabilities		 81 72 92 110 138 169 274 220 214 272 294
Other Current Liabilities		 8.60 13 11 3.10 38 86 56 99 38 37 51
Total Noncurrent Liabilities		 84 359 278 156 792 798 663 1,385 1,195 963 1,315
Long-Term Debt		 0.00 250 180 70 502 449 359 1,078 940 699 1,073
Noncurrent Deferred Revenue		 25 25 41 14 32 34 36 34 26 22 21
Noncurrent Deferred & Payable Income Tax Liabilities		 20 38 24 22 95 109 102 63 36 28 27
Noncurrent Employee Benefit Liabilities		 8.90 10 12 12 12 35 16 21 24 21 20
Other Noncurrent Operating Liabilities		 30 36 21 38 150 172 150 191 169 193 174
Total Equity & Noncontrolling Interests		 641 697 805 935 1,084 1,271 1,416 1,207 1,328 1,619 1,222
Total Preferred & Common Equity		 640 697 805 935 1,084 1,271 1,416 1,207 1,328 1,619 1,222
Total Common Equity		 640 697 805 935 1,084 1,271 1,416 1,207 1,328 1,619 1,222
Common Stock		 576 584 601 622 655 671 689 758 789 823 870
Retained Earnings		 739 862 959 1,115 1,218 1,389 1,527 1,535 1,611 1,909 2,206
Treasury Stock		 -620 -668 -708 -727 -729 -767 -764 -987 -986 -994 -1,786
Accumulated Other Comprehensive Income / (Loss)		 -55 -82 -47 -75 -61 -22 -35 -99 -87 -119 -68

Quarterly Balance Sheets for Morningstar

This table presents Morningstar's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026 9/30/2026
Total Assets		 3,458 3,344 3,389 3,404 3,566 3,586 3,631 3,558 3,986 3,946 3,951
Total Current Assets		 807 758 831 876 1,023 1,012 1,042 979 1,063 1,035 1,064
Cash & Equivalents		 343 325 354 391 553 512 504 474 493 490 497
Short-Term Investments		 35 39 55 48 49 48 38 40 39 34 28
Accounts Receivable		 322 298 326 336 328 342 384 364 403 383 428
Prepaid Expenses		 46 41 49 45 44 54 49 42 57 57 52
Current Deferred & Refundable Income Taxes		 15 8.80 0.00 0.00 0.00 9.40 18 13 15 13 8.10
Other Current Assets		 46 46 47 55 49 48 49 46 56 58 52
Plant, Property, & Equipment, net		 206 204 211 210 212 222 226 226 235 240 245
Total Noncurrent Assets		 2,445 2,382 2,348 2,317 2,331 2,352 2,363 2,353 2,688 2,671 2,642
Long-Term Investments		 115 105 96 97 96 76 77 72 50 50 51
Goodwill		 1,585 1,569 1,574 1,570 1,580 1,601 1,618 1,615 1,747 1,746 1,746
Intangible Assets		 519 495 463 443 433 420 413 396 591 569 550
Noncurrent Deferred & Refundable Income Taxes		 12 10 20 24 31 46 52 66 86 91 94
Other Noncurrent Operating Assets		 216 202 195 183 192 209 202 204 213 216 202
Total Liabilities & Shareholders' Equity		 3,458 3,344 3,389 3,404 3,566 3,586 3,631 3,558 3,986 3,946 3,951
Total Liabilities		 2,222 2,100 2,006 1,970 2,001 1,977 2,016 2,044 2,968 2,922 2,926
Total Current Liabilities		 815 810 847 837 896 912 921 946 1,031 980 1,016
Short-Term Debt		 32 32 32 0.00 0.00 0.00 0.00 0.00 18 18 18
Accounts Payable		 69 70 72 77 80 93 90 90 105 92 102
Current Deferred Revenue		 506 487 565 548 540 595 594 564 669 628 600
Current Deferred & Payable Income Tax Liabilities		 - - - - - 47 8.00 9.60 43 15 20
Current Employee Benefit Liabilities		 169 181 123 166 216 133 180 231 145 181 230
Other Current Liabilities		 38 40 55 46 60 45 49 51 51 46 46
Total Noncurrent Liabilities		 1,407 1,291 1,160 1,132 1,105 1,065 1,095 1,098 1,937 1,942 1,910
Long-Term Debt		 1,121 1,023 917 900 865 804 839 849 1,695 1,695 1,661
Noncurrent Deferred Revenue		 30 28 25 24 23 22 22 21 21 19 22
Noncurrent Deferred & Payable Income Tax Liabilities		 58 52 33 30 30 30 30 27 22 22 21
Noncurrent Employee Benefit Liabilities		 23 23 23 23 21 23 22 20 20 20 20
Other Noncurrent Operating Liabilities		 175 164 161 155 166 187 183 181 179 185 186
Total Equity & Noncontrolling Interests		 1,236 1,244 1,383 1,434 1,566 1,609 1,615 1,514 1,019 1,024 1,026
Total Preferred & Common Equity		 1,236 1,244 1,383 1,434 1,566 1,609 1,615 1,514 1,019 1,024 1,026
Total Common Equity		 1,236 1,244 1,383 1,434 1,566 1,609 1,615 1,514 1,019 1,024 1,026
Common Stock		 775 783 808 807 810 848 853 861 893 915 920
Retained Earnings		 1,532 1,555 1,658 1,709 1,812 1,968 2,038 2,111 2,294 2,383 2,480
Treasury Stock		 -987 -986 -986 -984 -982 -1,105 -1,216 -1,387 -2,089 -2,189 -2,288
Accumulated Other Comprehensive Income / (Loss)		 -84 -107 -97 -99 -74 -102 -61 -71 -79 -86 -86

Annual Metrics And Ratios for Morningstar

This table displays calculated financial ratios and metrics derived from Morningstar's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.78% 1.24% 14.16% 11.87% 15.60% 17.85% 22.30% 10.08% 8.98% 11.60% 7.49%
EBITDA Growth		 53.96% 14.99% -6.57% 18.09% -6.63% 31.46% 2.28% -20.39% 28.41% 71.16% -0.26%
EBIT Growth		 71.94% 16.74% -17.76% 24.04% -18.59% 39.62% -0.81% -38.44% 46.67% 125.21% -0.26%
NOPAT Growth		 77.72% 0.53% -0.01% 32.36% -14.85% 16.27% 13.53% -50.61% 98.17% 102.56% 4.24%
Net Income Growth		 69.60% 21.23% -14.97% 33.67% -16.94% 47.11% -13.55% -63.53% 100.14% 162.15% 1.16%
EPS Growth		 72.41% 24.00% -14.52% 33.65% -17.18% 47.16% -14.09% -63.15% 100.61% 160.79% 3.38%
Operating Cash Flow Growth		 76.79% -11.51% 17.03% 25.87% 6.23% 14.92% 17.07% -33.81% 6.25% 86.98% -0.32%
Free Cash Flow Firm Growth		 3,877.70% -148.37% 299.34% 20.27% -344.54% 124.21% 116.57% -317.50% 133.72% 178.76% -28.99%
Invested Capital Growth		 -9.19% 53.93% -5.46% -4.20% 114.33% 4.63% -4.72% 54.91% 0.27% -7.18% 2.06%
Revenue Q/Q Growth		 0.66% 1.35% 3.51% 1.96% 6.28% 3.58% 5.06% 0.69% 3.23% 2.35% 2.09%
EBITDA Q/Q Growth		 1.90% 15.49% -12.05% 1.62% -0.78% 7.73% 3.10% -7.55% 17.34% 10.19% -1.06%
EBIT Q/Q Growth		 1.48% 20.04% -19.77% 2.74% -5.38% 11.38% 3.90% -17.19% 34.72% 13.95% -1.20%
NOPAT Q/Q Growth		 3.48% 5.96% -2.16% 2.37% -8.49% 14.79% 1.81% -36.24% 74.95% 16.39% -2.97%
Net Income Q/Q Growth		 4.48% 25.78% -18.66% 1.95% -8.87% 27.12% -8.86% -43.01% 99.01% 13.29% -0.48%
EPS Q/Q Growth		 4.90% 26.10% -18.46% 1.92% -9.04% 27.59% -9.37% -42.25% 98.19% 13.19% 0.80%
Operating Cash Flow Q/Q Growth		 -3.36% 8.98% 6.34% 6.75% -6.38% 9.11% 4.97% -9.81% 12.16% 2.71% 9.39%
Free Cash Flow Firm Q/Q Growth		 -9.00% -183.08% 369.16% 12.47% -12.99% -93.42% 117.08% -18.02% 68.07% 20.04% -0.79%
Invested Capital Q/Q Growth		 2.54% 48.44% -4.86% -7.90% -0.46% 381.18% -4.55% -1.45% -1.10% -2.99% -3.44%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 58.15% 56.89% 57.60% 59.69% 59.02% 59.96% 58.90% 58.34% 58.62% 60.63% 61.03%
EBITDA Margin		 32.56% 36.98% 30.26% 31.94% 25.80% 28.78% 24.07% 17.41% 20.51% 31.45% 29.34%
Operating Margin		 24.16% 22.64% 18.62% 21.16% 16.08% 15.49% 15.12% 8.97% 11.31% 21.31% 21.53%
EBIT Margin		 24.39% 28.12% 20.26% 22.46% 15.82% 18.74% 15.20% 8.50% 11.44% 23.08% 21.57%
Profit (Net Income) Margin		 16.84% 20.16% 15.02% 17.94% 12.89% 16.09% 11.38% 3.77% 6.92% 16.26% 15.30%
Tax Burden Percent		 68.56% 71.59% 75.59% 78.57% 76.57% 79.01% 77.17% 53.98% 77.74% 75.29% 74.99%
Interest Burden Percent		 100.68% 100.13% 98.05% 101.66% 106.43% 108.68% 96.98% 82.14% 77.83% 93.55% 94.58%
Effective Tax Rate		 32.37% 28.32% 23.69% 20.52% 22.97% 21.10% 24.99% 43.26% 18.18% 21.17% 24.35%
Return on Invested Capital (ROIC)		 31.35% 26.08% 22.11% 30.76% 17.03% 14.19% 16.13% 6.41% 10.43% 21.89% 23.46%
ROIC Less NNEP Spread (ROIC-NNEP)		 29.70% 7.79% 17.67% 27.07% 13.10% 295.12% 15.78% -7.75% 1.64% 17.39% 14.76%
Return on Net Nonoperating Assets (RNNOA)		 -10.84% -2.00% -3.88% -9.72% -1.97% 4.80% -1.75% -1.03% 0.70% 3.22% 2.89%
Return on Equity (ROE)		 20.51% 24.08% 18.23% 21.04% 15.06% 18.99% 14.39% 5.38% 11.13% 25.11% 26.35%
Cash Return on Invested Capital (CROIC)		 40.98% -16.40% 27.72% 35.04% -55.72% 9.67% 20.97% -36.68% 10.16% 29.34% 21.42%
Operating Return on Assets (OROA)		 18.87% 18.87% 13.40% 16.02% 9.75% 10.28% 9.29% 5.02% 6.78% 15.11% 14.78%
Return on Assets (ROA)		 13.02% 13.53% 9.93% 12.80% 7.95% 8.83% 6.95% 2.22% 4.10% 10.64% 10.48%
Return on Common Equity (ROCE)		 20.49% 24.07% 18.23% 21.04% 15.06% 18.99% 14.39% 5.38% 11.13% 25.11% 26.35%
Return on Equity Simple (ROE_SIMPLE)		 20.74% 23.12% 17.01% 19.58% 14.03% 17.59% 13.65% 5.84% 10.63% 22.85% 0.00%
Net Operating Profit after Tax (NOPAT)		 129 130 130 172 146 170 193 95 189 382 398
NOPAT Margin		 16.34% 16.23% 14.21% 16.82% 12.39% 12.22% 11.34% 5.09% 9.26% 16.80% 16.29%
Net Nonoperating Expense Percent (NNEP)		 1.65% 18.29% 4.44% 3.68% 3.93% -280.93% 0.35% 14.16% 8.79% 4.50% 8.70%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 4.11% 8.20% 16.49% 17.36%
Cost of Revenue to Revenue		 41.85% 43.11% 42.40% 40.31% 40.98% 40.04% 41.10% 41.66% 41.38% 39.37% 38.97%
SG&A Expenses to Revenue		 13.58% 13.17% 14.24% 14.49% 17.87% 19.58% 18.74% 21.40% 17.45% 14.38% 13.66%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 33.99% 34.25% 38.97% 38.53% 42.94% 44.47% 43.78% 49.37% 47.31% 39.32% 39.50%
Earnings before Interest and Taxes (EBIT)		 192 225 185 229 187 260 258 159 233 525 528
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 257 295 276 326 304 400 409 326 418 716 718
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.17 4.28 4.88 4.82 5.80 7.64 10.24 7.51 9.14 8.91 7.30
Price to Tangible Book Value (P/TBV)		 16.41 158.67 27.18 14.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 4.20 3.74 4.31 4.42 5.33 6.99 8.53 4.85 5.95 6.34 3.65
Price to Earnings (P/E)		 24.98 18.53 28.71 24.63 41.34 43.46 74.97 128.60 86.03 38.99 23.83
Dividend Yield		 1.01% 1.27% 1.00% 0.95% 0.76% 0.54% 0.37% 0.67% 0.65% 0.48% 0.84%
Earnings Yield		 4.00% 5.40% 3.48% 4.06% 2.42% 2.30% 1.33% 0.78% 1.16% 2.56% 4.20%
Enterprise Value to Invested Capital (EV/IC)		 7.83 4.80 6.49 7.55 5.45 7.90 12.22 5.35 6.97 8.62 5.49
Enterprise Value to Revenue (EV/Rev)		 3.88 3.62 4.05 4.04 5.40 6.96 8.38 5.17 6.19 6.37 3.85
Enterprise Value to EBITDA (EV/EBITDA)		 11.93 9.78 13.39 12.64 20.94 24.18 34.82 29.68 30.19 20.24 13.12
Enterprise Value to EBIT (EV/EBIT)		 15.92 12.86 20.00 17.98 34.16 37.13 55.14 60.79 54.13 27.58 17.84
Enterprise Value to NOPAT (EV/NOPAT)		 23.77 22.29 28.51 24.01 43.62 56.94 73.88 101.52 66.90 37.90 23.62
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.69 13.52 14.77 13.08 19.05 25.16 31.66 32.46 39.89 24.48 15.96
Enterprise Value to Free Cash Flow (EV/FCFF)		 18.18 0.00 22.74 21.08 0.00 83.57 56.84 0.00 68.69 28.27 25.87
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.05 0.36 0.22 0.07 0.47 0.35 0.25 0.92 0.73 0.43 0.88
Long-Term Debt to Equity		 0.00 0.36 0.22 0.07 0.46 0.35 0.25 0.89 0.71 0.43 0.88
Financial Leverage		 -0.36 -0.26 -0.22 -0.36 -0.15 0.02 -0.11 0.13 0.43 0.19 0.20
Leverage Ratio		 1.57 1.78 1.84 1.64 1.90 2.15 2.07 2.42 2.71 2.36 2.51
Compound Leverage Factor		 1.59 1.78 1.80 1.67 2.02 2.34 2.01 1.98 2.11 2.21 2.38
Debt to Total Capital		 5.18% 26.40% 18.28% 6.97% 32.14% 26.10% 20.24% 47.90% 42.27% 30.15% 46.75%
Short-Term Debt to Total Capital		 5.18% 0.00% 0.00% 0.00% 0.69% 0.00% 0.00% 1.39% 1.40% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 26.40% 18.28% 6.97% 31.45% 26.10% 20.24% 46.51% 40.88% 30.15% 46.75%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.04% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 94.78% 73.56% 81.72% 93.03% 67.87% 73.90% 79.76% 52.10% 57.73% 69.85% 53.25%
Debt to EBITDA		 0.14 0.85 0.65 0.21 1.69 1.12 0.88 3.41 2.33 0.98 1.49
Net Debt to EBITDA		 -0.97 -0.32 -0.85 -1.19 0.28 -0.12 -0.61 1.84 1.16 0.09 0.69
Long-Term Debt to EBITDA		 0.00 0.85 0.65 0.21 1.65 1.12 0.88 3.31 2.25 0.98 1.49
Debt to NOPAT		 0.27 1.93 1.39 0.41 3.51 2.64 1.86 11.65 5.15 1.83 2.69
Net Debt to NOPAT		 -1.93 -0.73 -1.82 -2.27 0.59 -0.28 -1.30 6.29 2.56 0.16 1.24
Long-Term Debt to NOPAT		 0.00 1.93 1.39 0.41 3.44 2.64 1.86 11.32 4.98 1.83 2.69
Altman Z-Score		 7.63 4.93 6.14 7.70 4.46 5.69 7.69 3.68 4.97 6.38 4.28
Noncontrolling Interest Sharing Ratio		 0.09% 0.04% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.35 1.60 1.64 1.66 1.22 1.17 1.13 0.92 0.93 1.05 0.99
Quick Ratio		 1.27 1.53 1.55 1.57 1.12 1.07 1.04 0.82 0.83 0.94 0.87
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 169 -82 162 195 -478 116 251 -545 184 512 364
Operating Cash Flow to CapEx		 421.47% 340.29% 375.53% 413.67% 418.00% 501.04% 441.95% 229.96% 265.66% 761.39% 474.04%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.77 0.67 0.66 0.71 0.62 0.55 0.61 0.59 0.59 0.65 0.69
Accounts Receivable Turnover		 5.72 5.60 6.20 6.37 6.54 7.06 7.17 6.49 6.26 6.48 6.53
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 6.26 5.57 6.09 7.01 7.91 8.97 10.40 10.08 10.02 10.67 10.85
Accounts Payable Turnover		 8.98 8.22 8.24 7.94 8.53 9.02 9.91 10.21 10.91 10.81 10.29
Days Sales Outstanding (DSO)		 63.86 65.15 58.85 57.33 55.83 51.70 50.91 56.27 58.35 56.31 55.86
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 40.64 44.42 44.28 45.99 42.80 40.48 36.84 35.76 33.45 33.76 35.47
Cash Conversion Cycle (CCC)		 23.22 20.73 14.57 11.34 13.03 11.22 14.06 20.51 24.90 22.55 20.39
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 391 603 570 546 1,170 1,224 1,166 1,806 1,811 1,681 1,716
Invested Capital Turnover		 1.92 1.61 1.56 1.83 1.37 1.16 1.42 1.26 1.13 1.30 1.44
Increase / (Decrease) in Invested Capital		 -40 211 -33 -24 624 54 -58 640 4.90 -130 35
Enterprise Value (EV)		 3,063 2,889 3,695 4,118 6,370 9,669 14,242 9,665 12,623 14,484 9,411
Market Capitalization		 3,312 2,983 3,930 4,507 6,284 9,717 14,492 9,066 12,139 14,422 8,917
Book Value per Share		 $14.48 $16.18 $18.93 $21.91 $25.31 $29.68 $32.85 $28.44 $31.10 $37.74 $29.71
Tangible Book Value per Share		 $4.57 $0.44 $3.40 $7.13 ($6.75) ($7.32) ($2.77) ($21.51) ($17.22) ($8.21) ($18.68)
Total Capital		 676 947 985 1,005 1,597 1,721 1,775 2,317 2,300 2,317 2,295
Total Debt		 35 250 180 70 513 449 359 1,110 972 699 1,073
Total Long-Term Debt		 0.00 250 180 70 502 449 359 1,078 940 699 1,073
Net Debt		 -249 -94 -235 -389 86 -48 -250 599 483 62 494
Capital Expenditures (CapEx)		 57 63 67 76 80 77 102 130 119 78 124
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -108 -127 -147 -157 -249 -361 -442 -454 -422 -504 -544
Debt-free Net Working Capital (DFNWC)		 141 177 207 239 118 104 104 -40 -33 47 -15
Net Working Capital (NWC)		 106 177 207 239 107 104 104 -72 -65 47 -15
Net Nonoperating Expense (NNE)		 -3.90 -31 -7.32 -11 -5.96 -54 -0.52 25 48 12 24
Net Nonoperating Obligations (NNO)		 -249 -94 -235 -389 86 -48 -250 599 483 62 494
Total Depreciation and Amortization (D&A)		 64 71 91 97 118 140 151 167 185 190 190
Debt-free, Cash-free Net Working Capital to Revenue		 -13.70% -15.89% -16.09% -15.40% -21.13% -25.96% -26.01% -24.28% -20.70% -22.16% -22.24%
Debt-free Net Working Capital to Revenue		 17.81% 22.18% 22.66% 23.41% 10.04% 7.45% 6.13% -2.12% -1.62% 2.06% -0.63%
Net Working Capital to Revenue		 13.37% 22.18% 22.66% 23.41% 9.11% 7.45% 6.13% -3.83% -3.19% 2.06% -0.63%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.00 $3.74 $3.21 $4.30 $3.56 $5.22 $4.50 $1.65 $3.31 $8.64 $8.93
Adjusted Weighted Average Basic Shares Outstanding		 44.20M 43M 42.70M 42.60M 42.70M 42.90M 43M 42.60M 42.60M 42.80M 41.90M
Adjusted Diluted Earnings per Share		 $3.00 $3.72 $3.18 $4.25 $3.52 $5.18 $4.45 $1.64 $3.29 $8.58 $8.87
Adjusted Weighted Average Diluted Shares Outstanding		 44.30M 43.30M 43M 43M 43.20M 43.20M 43.40M 42.90M 42.90M 43.10M 42.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 42.91M 42.93M 42.50M 42.59M 42.85M 42.90M 42.96M 42.48M 42.73M 42.84M 39.58M
Normalized Net Operating Profit after Tax (NOPAT)		 129 130 130 172 146 170 193 95 189 332 381
Normalized NOPAT Margin		 16.34% 16.23% 14.21% 16.82% 12.39% 12.22% 11.34% 5.09% 9.26% 14.58% 15.59%
Pre Tax Income Margin		 24.56% 28.16% 19.86% 22.84% 16.84% 20.37% 14.74% 6.98% 8.90% 21.59% 20.40%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 25.38% 23.54% 28.71% 23.28% 31.45% 22.99% 28.04% 87.23% 45.29% 18.73% 20.55%
Augmented Payout Ratio		 98.42% 53.85% 59.61% 34.70% 34.67% 41.73% 28.71% 407.80% 46.28% 21.87% 230.87%

Quarterly Metrics And Ratios for Morningstar

This table displays calculated financial ratios and metrics derived from Morningstar's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
DEI Shares Outstanding		 - - - - - - - - 39,583,760.00 38,028,018.00 37,513,571.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 39,583,760.00 38,028,018.00 37,513,571.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 2.71 2.83 3.08
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 13.15% 13.31% 10.46% 9.71% 7.20% 5.81% 8.43% 8.48% 10.81% 9.60% 8.86%
EBITDA Growth		 142.03% 60.45% 76.80% 44.64% 10.64% 15.78% -14.24% -5.27% 28.54% 26.22% 25.97%
EBIT Growth		 539.61% 117.90% 129.06% 63.16% 15.63% 24.15% -19.09% -6.00% 36.52% 32.45% 30.67%
NOPAT Growth		 195.14% 70.94% 87.36% 67.21% 21.96% 13.65% 2.37% -9.08% 38.19% 22.61% 31.53%
Net Income Growth		 944.74% 91.41% 206.14% 59.05% 22.27% 28.80% -23.48% -1.54% 36.43% 21.12% 26.09%
EPS Growth		 927.78% 90.48% 204.40% 58.14% 22.15% 30.63% -21.66% 2.57% 50.00% 35.41% 41.01%
Operating Cash Flow Growth		 300.00% 523.27% 46.82% 11.32% -2.78% -35.17% 1.98% 32.99% 0.55% 57.27% -2.55%
Free Cash Flow Firm Growth		 111.48% 220.60% 274.30% 252.19% 78.38% -67.94% -73.20% -67.15% -287.76% -455.39% -542.25%
Invested Capital Growth		 -0.32% -5.24% -5.37% -7.18% -2.73% 2.10% 2.53% 2.06% 20.90% 17.93% 19.82%
Revenue Q/Q Growth		 0.76% 5.36% -0.44% 3.79% -1.54% 3.99% 2.03% 3.84% 0.58% 2.85% 1.34%
EBITDA Q/Q Growth		 -1.75% 2.20% 38.68% 3.87% -24.85% 6.95% 2.73% 16.77% 0.19% 5.02% 2.53%
EBIT Q/Q Growth		 -3.24% 1.32% 61.12% 3.30% -31.43% 8.78% 5.00% 22.75% -2.63% 5.53% 3.60%
NOPAT Q/Q Growth		 -12.22% 21.87% 9.12% 43.23% -35.97% 13.57% -1.71% 27.21% -2.68% 0.76% 5.44%
Net Income Q/Q Growth		 -12.65% 7.63% 73.23% -2.34% -32.85% 13.38% 2.92% 25.66% -6.95% 0.65% 7.14%
EPS Q/Q Growth		 -13.37% 7.38% 73.13% -1.81% -33.09% 14.84% 3.83% 28.57% -2.15% 3.66% 8.13%
Operating Cash Flow Q/Q Growth		 -32.08% 63.14% 25.67% -20.06% -40.68% 8.79% 97.68% 4.24% -55.15% 70.16% 22.48%
Free Cash Flow Firm Q/Q Growth		 1.30% 143.66% 3.72% 37.57% -48.69% -56.21% -13.28% 68.62% -393.22% 17.11% -7.91%
Invested Capital Q/Q Growth		 0.90% -1.67% -3.57% -2.99% 5.75% 3.21% -3.16% -3.44% 25.27% 0.67% -1.61%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 59.82% 61.06% 60.89% 60.71% 60.23% 61.89% 60.85% 61.13% 62.95% 63.92% 64.19%
EBITDA Margin		 26.84% 26.04% 36.27% 36.29% 27.70% 28.49% 28.68% 32.26% 32.13% 32.81% 33.19%
Operating Margin		 17.06% 18.97% 20.28% 28.46% 19.61% 20.67% 20.70% 24.89% 24.18% 24.22% 24.91%
EBIT Margin		 18.15% 17.45% 28.24% 28.10% 19.57% 20.48% 21.07% 24.91% 24.12% 24.74% 25.29%
Profit (Net Income) Margin		 11.83% 12.08% 21.02% 19.78% 13.49% 14.71% 14.84% 17.95% 16.61% 16.25% 17.18%
Tax Burden Percent		 73.79% 77.21% 78.80% 71.76% 72.35% 76.39% 74.41% 76.28% 75.53% 73.33% 75.79%
Interest Burden Percent		 88.32% 89.68% 94.47% 98.07% 95.26% 94.03% 94.62% 94.49% 91.19% 89.58% 89.65%
Effective Tax Rate		 24.48% 21.45% 19.49% 20.81% 25.25% 22.58% 25.51% 24.12% 24.40% 26.05% 25.20%
Return on Invested Capital (ROIC)		 14.79% 17.50% 20.37% 29.37% 18.82% 20.70% 21.05% 27.20% 23.35% 22.99% 25.01%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.73% 14.35% 27.46% 23.39% 16.60% 18.00% 19.37% 25.04% 21.70% 21.38% 23.59%
Return on Net Nonoperating Assets (RNNOA)		 5.69% 5.50% 7.37% 4.33% 3.40% 3.44% 2.70% 4.90% 10.72% 11.02% 12.68%
Return on Equity (ROE)		 20.48% 23.01% 27.74% 33.70% 22.22% 24.14% 23.75% 32.10% 34.08% 34.01% 37.69%
Cash Return on Invested Capital (CROIC)		 13.83% 20.82% 23.95% 29.34% 24.82% 20.47% 20.90% 21.42% 3.03% 6.20% 6.70%
Operating Return on Assets (OROA)		 11.15% 11.03% 18.17% 18.39% 12.99% 13.67% 14.17% 17.07% 15.98% 16.76% 17.66%
Return on Assets (ROA)		 7.27% 7.64% 13.52% 12.95% 8.95% 9.82% 9.98% 12.30% 11.00% 11.01% 12.00%
Return on Common Equity (ROCE)		 20.48% 23.01% 27.74% 33.70% 22.22% 24.14% 23.75% 32.10% 34.08% 34.01% 37.69%
Return on Equity Simple (ROE_SIMPLE)		 15.39% 17.15% 20.85% 0.00% 23.88% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 70 85 93 133 85 97 95 121 118 119 125
NOPAT Margin		 12.88% 14.90% 16.33% 22.54% 14.66% 16.01% 15.42% 18.89% 18.28% 17.91% 18.63%
Net Nonoperating Expense Percent (NNEP)		 1.07% 3.15% -7.08% 5.98% 2.22% 2.70% 1.68% 2.16% 1.66% 1.61% 1.42%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 5.75% 3.53% 3.95% 4.03% 5.28% 4.31% 4.34% 4.63%
Cost of Revenue to Revenue		 40.18% 38.94% 39.11% 39.29% 39.77% 38.11% 39.15% 38.87% 37.05% 36.08% 35.81%
SG&A Expenses to Revenue		 14.79% 14.04% 13.63% 15.06% 13.15% 13.55% 13.91% 13.98% 13.03% 14.85% 13.85%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 42.76% 42.09% 40.60% 32.25% 40.63% 41.22% 40.15% 36.23% 38.77% 39.70% 39.28%
Earnings before Interest and Taxes (EBIT)		 99 100 161 166 114 124 130 160 156 164 170
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 146 149 207 215 161 172 177 207 207 218 223
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 9.50 8.81 8.72 8.91 7.97 8.20 6.45 7.30 6.55 5.78 6.93
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 6.25 5.82 6.14 6.34 5.54 5.64 4.08 3.65 2.66 2.30 2.71
Price to Earnings (P/E)		 61.72 51.36 41.82 38.99 33.38 32.77 25.97 23.83 16.56 14.03 15.96
Dividend Yield		 0.50% 0.53% 0.50% 0.48% 0.56% 0.55% 0.76% 0.84% 1.11% 1.23% 1.03%
Earnings Yield		 1.62% 1.95% 2.39% 2.56% 3.00% 3.05% 3.85% 4.20% 6.04% 7.13% 6.27%
Enterprise Value to Invested Capital (EV/IC)		 7.43 7.23 7.98 8.62 7.31 7.34 5.64 5.49 3.63 3.26 3.86
Enterprise Value to Revenue (EV/Rev)		 6.46 5.99 6.22 6.37 5.62 5.74 4.19 3.85 3.11 2.75 3.13
Enterprise Value to EBITDA (EV/EBITDA)		 26.98 23.21 21.28 20.24 17.77 17.84 13.83 13.12 10.22 8.72 9.61
Enterprise Value to EBIT (EV/EBIT)		 42.95 35.09 29.99 27.58 24.04 23.84 18.78 17.84 13.71 11.58 12.65
Enterprise Value to NOPAT (EV/NOPAT)		 54.95 45.57 42.09 37.90 32.68 32.89 24.43 23.62 18.10 15.58 17.01
Enterprise Value to Operating Cash Flow (EV/OCF)		 35.14 25.24 23.99 24.48 22.06 25.15 18.60 15.96 13.22 10.91 12.80
Enterprise Value to Free Cash Flow (EV/FCFF)		 53.69 33.80 32.39 28.27 29.04 36.22 27.35 25.87 131.19 56.93 62.76
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.69 0.63 0.55 0.43 0.50 0.52 0.56 0.88 1.68 1.67 1.64
Long-Term Debt to Equity		 0.66 0.63 0.55 0.43 0.50 0.52 0.56 0.88 1.66 1.66 1.62
Financial Leverage		 0.41 0.38 0.27 0.19 0.20 0.19 0.14 0.20 0.49 0.52 0.54
Leverage Ratio		 2.64 2.57 2.46 2.36 2.33 2.31 2.31 2.51 2.88 2.87 2.96
Compound Leverage Factor		 2.33 2.31 2.32 2.31 2.22 2.17 2.19 2.37 2.63 2.57 2.65
Debt to Total Capital		 40.70% 38.55% 35.58% 30.15% 33.31% 34.19% 35.93% 46.75% 62.71% 62.60% 62.08%
Short-Term Debt to Total Capital		 1.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.67% 0.66% 0.67%
Long-Term Debt to Total Capital		 39.33% 38.55% 35.58% 30.15% 33.31% 34.19% 35.93% 46.75% 62.04% 61.93% 61.40%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 59.30% 61.45% 64.42% 69.85% 66.69% 65.81% 64.07% 53.25% 37.29% 37.40% 37.92%
Debt to EBITDA		 1.89 1.61 1.33 0.98 1.10 1.11 1.17 1.49 2.24 2.12 1.96
Net Debt to EBITDA		 0.88 0.65 0.26 0.09 0.23 0.29 0.36 0.69 1.48 1.41 1.29
Long-Term Debt to EBITDA		 1.82 1.61 1.33 0.98 1.10 1.11 1.17 1.49 2.22 2.10 1.94
Debt to NOPAT		 3.84 3.16 2.63 1.83 2.02 2.05 2.07 2.69 3.97 3.78 3.48
Net Debt to NOPAT		 1.80 1.27 0.51 0.16 0.42 0.54 0.64 1.24 2.62 2.52 2.28
Long-Term Debt to NOPAT		 3.71 3.16 2.63 1.83 2.02 2.05 2.07 2.69 3.93 3.74 3.44
Altman Z-Score		 5.32 5.30 5.62 6.05 5.44 5.53 4.50 3.94 2.92 2.86 3.16
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.98 1.05 1.14 1.05 1.11 1.13 1.04 0.99 1.03 1.06 1.05
Quick Ratio		 0.87 0.93 1.04 0.94 0.99 1.01 0.93 0.87 0.91 0.92 0.94
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 76 185 191 263 135 59 51 87 -254 -210 -227
Operating Cash Flow to CapEx		 274.49% 478.68% 531.58% 377.83% 282.61% 270.49% 549.72% 477.75% 241.42% 468.98% 540.23%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.61 0.63 0.64 0.65 0.66 0.67 0.67 0.69 0.66 0.68 0.70
Accounts Receivable Turnover		 6.74 6.59 7.10 6.48 6.93 6.52 6.92 6.53 6.74 6.69 6.62
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 10.20 10.43 10.67 10.67 10.70 10.77 10.93 10.85 10.99 11.03 11.14
Accounts Payable Turnover		 11.90 11.62 11.55 10.81 11.05 10.96 10.96 10.29 9.74 10.64 10.08
Days Sales Outstanding (DSO)		 54.19 55.38 51.43 56.31 52.70 56.01 52.74 55.86 54.18 54.53 55.11
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 30.66 31.40 31.61 33.76 33.05 33.30 33.31 35.47 37.47 34.29 36.21
Cash Conversion Cycle (CCC)		 23.53 23.98 19.82 22.55 19.66 22.71 19.44 20.39 16.71 20.24 18.90
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,827 1,797 1,733 1,681 1,778 1,835 1,777 1,716 2,149 2,164 2,129
Invested Capital Turnover		 1.15 1.17 1.25 1.30 1.28 1.29 1.37 1.44 1.28 1.28 1.34
Increase / (Decrease) in Invested Capital		 -5.80 -99 -98 -130 -50 38 44 35 372 329 352
Enterprise Value (EV)		 13,585 12,992 13,820 14,484 12,995 13,463 10,029 9,411 7,802 7,055 8,214
Market Capitalization		 13,141 12,629 13,653 14,422 12,826 13,243 9,766 8,917 6,672 5,915 7,110
Book Value per Share		 $32.37 $33.54 $36.55 $37.74 $37.56 $38.21 $35.90 $29.71 $25.74 $26.92 $27.34
Tangible Book Value per Share		 ($15.32) ($13.54) ($10.42) ($8.21) ($9.62) ($9.87) ($11.78) ($18.68) ($33.34) ($33.95) ($33.86)
Total Capital		 2,333 2,333 2,430 2,317 2,413 2,453 2,363 2,295 2,732 2,737 2,704
Total Debt		 949 900 865 699 804 839 849 1,073 1,713 1,713 1,679
Total Long-Term Debt		 917 900 865 699 804 839 849 1,073 1,695 1,695 1,661
Net Debt		 444 363 167 62 168 220 263 494 1,130 1,140 1,103
Capital Expenditures (CapEx)		 34 32 36 41 32 37 36 43 38 33 35
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -393 -401 -475 -504 -459 -420 -481 -544 -481 -451 -458
Debt-free Net Working Capital (DFNWC)		 16 38 127 47 100 121 34 -15 51 73 67
Net Working Capital (NWC)		 -16 38 127 47 100 121 34 -15 33 55 48
Net Nonoperating Expense (NNE)		 5.73 16 -27 16 6.79 7.86 3.60 6.00 11 11 9.72
Net Nonoperating Obligations (NNO)		 444 363 167 62 168 220 263 494 1,130 1,140 1,103
Total Depreciation and Amortization (D&A)		 47 49 46 48 47 49 47 47 52 54 53
Debt-free, Cash-free Net Working Capital to Revenue		 -18.71% -18.48% -21.36% -22.16% -19.84% -17.90% -20.07% -22.24% -19.19% -17.57% -17.47%
Debt-free Net Working Capital to Revenue		 0.76% 1.77% 5.71% 2.06% 4.32% 5.17% 1.41% -0.63% 2.03% 2.84% 2.54%
Net Working Capital to Revenue		 -0.77% 1.77% 5.71% 2.06% 4.32% 5.17% 1.41% -0.63% 1.30% 2.13% 1.85%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.50 $1.61 $2.79 $2.74 $1.83 $2.11 $2.18 $2.81 $2.74 $2.85 $3.09
Adjusted Weighted Average Basic Shares Outstanding		 42.70M 42.80M 42.90M 42.80M 42.80M 42.20M 42.10M 41.90M 39.10M 37.80M 37.40M
Adjusted Diluted Earnings per Share		 $1.49 $1.60 $2.77 $2.72 $1.82 $2.09 $2.17 $2.79 $2.73 $2.83 $3.06
Adjusted Weighted Average Diluted Shares Outstanding		 43M 43.10M 43.20M 43.10M 43.10M 42.50M 42.30M 42.20M 39.30M 38.10M 37.80M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 42.75M 42.84M 42.88M 42.84M 42.25M 42.18M 41.13M 39.58M 38.03M 37.51M 37.10M
Normalized Net Operating Profit after Tax (NOPAT)		 70 85 93 133 85 97 95 121 118 119 125
Normalized NOPAT Margin		 12.88% 14.90% 16.33% 22.54% 14.66% 16.01% 15.42% 18.89% 18.28% 17.91% 18.63%
Pre Tax Income Margin		 16.03% 15.65% 26.68% 27.56% 18.65% 19.25% 19.94% 23.54% 21.99% 22.17% 22.68%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 30.67% 27.08% 20.83% 18.73% 18.61% 18.19% 20.03% 20.55% 19.19% 18.26% 17.17%
Augmented Payout Ratio		 31.33% 27.08% 20.83% 21.87% 50.16% 75.90% 127.29% 230.87% 261.84% 247.25% 218.14%

Financials Breakdown Chart

Key Financial Trends

Morningstar’s latest financial statements show a company with strong revenue and earnings momentum, although that growth has been accompanied by higher debt and substantial shareholder distributions. The data covers quarterly periods from 2022 through the second quarter of 2026, with some earlier periods marked as restated.

Revenue and profitability are trending higher. Second-quarter revenue increased from $504.7 million in 2023 to $663.2 million in 2026, a gain of approximately 31%. Over the same period, operating income rose from $41.7 million to $160.6 million. The operating margin expanded from roughly 8% to 24%, indicating that Morningstar is converting more of its revenue into operating profit.

Net income attributable to common shareholders increased from $36.1 million in Q2 2023 to $107.8 million in Q2 2026. Diluted earnings per share rose from $0.84 to $2.83 over the same comparison. The reduction in diluted shares outstanding—from 42.8 million in Q2 2023 to 38.1 million in Q2 2026—has amplified per-share earnings growth.

  • Sustained revenue growth: Q2 revenue increased in each year shown, reaching $663.2 million in Q2 2026 from $475.0 million in Q4 2022.
  • Significant operating leverage: Q2 2026 operating income of $160.6 million was more than three times the Q2 2023 level, while the operating margin reached approximately 24%.
  • Strong earnings and EPS growth: Q2 2026 net income was $107.8 million and diluted EPS was $2.83, compared with $89.0 million and $2.09, respectively, in Q2 2025.
  • Share repurchases are supporting per-share results: Morningstar repurchased $100 million of common stock in Q2 2026, following $300 million in Q1 2026 and $395.3 million in Q4 2025.
  • Operating cash flow remains robust: Q2 2026 operating cash flow was $155.7 million, up from $99.0 million in Q2 2025. Operating cash flow also exceeded net income by approximately $47.9 million.
  • Healthy cash generation after capital expenditures: Q2 2026 capital expenditures were $33.2 million, leaving approximately $122.5 million of operating cash flow before acquisitions and other investing activity.
  • Recurring revenue visibility: Current deferred revenue increased from $486.9 million in Q2 2023 to $628.4 million in Q2 2026, providing a substantial base of revenue to be recognized in future periods.
  • Cash reserves remain meaningful: Morningstar held $489.5 million of cash and $34.3 million of short-term investments at June 30, 2026, although this liquidity is smaller than total debt.
  • Debt has increased materially: Total debt was approximately $1.71 billion in Q2 2026, compared with roughly $865 million of long-term debt in Q3 2024. The increase appears connected in part to acquisition activity and places greater importance on future cash flow.
  • Financing and capital allocation are consuming cash: Q2 2026 financing cash flow was negative $130.6 million, including $92.4 million of debt repayment, $100 million of buybacks and $19 million of dividends. The company also spent $359.6 million on acquisitions in Q1 2026.

The balance sheet reflects the impact of Morningstar’s acquisition strategy. Goodwill and intangible assets totaled approximately $2.31 billion at June 30, 2026, or nearly 59% of total assets. These assets can support growth if acquired businesses perform well, but they also increase exposure to impairment charges if future results disappoint.

Liquidity is adequate but not excessive relative to obligations. Current assets of $1.03 billion modestly exceeded current liabilities of $980.3 million, producing a current ratio of approximately 1.1. Meanwhile, total liabilities of $2.92 billion were well above shareholders’ equity of $1.02 billion. Investors should therefore monitor debt reduction, interest costs and whether acquisitions continue to produce sufficient earnings and cash flow.

Overall, Morningstar’s income statement and operating cash flow trends are favorable: revenue, margins, net income and EPS have all advanced considerably since 2023. The principal risks are the company’s elevated leverage, acquisition-related goodwill and the pace of buybacks and dividends relative to internally generated cash. Continued earnings growth and disciplined debt management will be important for sustaining the current financial trajectory.

11/15/26 01:43 AM ETAI Generated. May Contain Errors.

Morningstar Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Morningstar's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Morningstar's net income appears to be on an upward trend, with a most recent value of $374.20 million in 2025, rising from $132.80 million in 2015. The previous period was $369.90 million in 2024. View Morningstar's forecast to see where analysts expect Morningstar to go next.

Morningstar's total operating income in 2025 was $526.60 million, based on the following breakdown:
  • Total Gross Profit: $1.49 billion
  • Total Operating Expenses: $966 million

Over the last 10 years, Morningstar's total revenue changed from $788.80 million in 2015 to $2.45 billion in 2025, a change of 210.0%.

In the past 13 quarters, Morningstar's cash and equivalents has ranged from $325 million in Q3 2023 to $552.90 million in Q3 2024, and is currently $496.70 million as of their latest financial filing in Q3 2026.

Morningstar had total debt of $1.07 billion at the end of 2025, a 53.5% increase from 2024, and a 2,964.6% increase since 2015.

Over the last 10 years, Morningstar's book value per share changed from 14.48 in 2015 to 29.71 in 2025, a change of 105.2%.


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Financial statements for NASDAQ:MORN last updated on 10/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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